CONFORMED COPY
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1933
For the month of March 2003
BANCOLOMBIA S.A.
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(Translation of Registrant's name into English)
Calle 50 No. 51-66
Medellin, Colombia
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(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
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(Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes No X
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(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-______________.)
This Report on Form 6-K shall be incorporated by reference into the
registrant's registration statement on Form F-3 (File No. 333-12658).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
BANCOLOMBIA S.A.
(Registrant)
Date: March 21, 2003 By /s/ JAIME ALBERTO VELASQUEZ B.
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Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
[BANCOLOMBIA LOGO]
BANCOLOMBIA REPORTS ACCUMULATED NET INCOME OF PS 34,673 MILLION
FOR THE TWO MONTHS ENDED FEBRUARY 28, 2003
Medellin, March 21, 2003. BANCOLOMBIA (NYSE:CIB)*
BANCOLOMBIA reported accumulated net income of Ps 34,673 million for the two
months ended February 28, 2003, a 78.5% increase as compared to Ps 19,426
million reported for the same period in 2002.
Total assets in February increased 20% from a year ago to Ps 9.6 trillion,
mainly due to performing assets which increased 20.33% over the last twelve
months.
Total liabilities increased 21% from Ps 7.0 trillion to Ps 8.5 trillion over the
past twelve months.
BANCOLOMBIA's funding structure improved over the past twelve months, mainly due
to a 19.2% increase in non- interest bearing deposits.
BANCOLOMBIA's level of past due loans as a percentage of total loans was 2.3% as
of February 28, 2003, and the level of allowance for past due loans was 227%.
MARKET SHARE
According to ASOBANCARIA (Colombia's national banking association),
BANCOLOMBIA's market shares as of February 28 2003, with respect to the
Colombian Financial System were 12.3% of total deposits, 12.5% of total net
loans, 10.9% of total savings accounts, 17.6% of total checking accounts and
11.2% of time deposits.
CONTACTS:
Jaime A. Velasquez: Financial VP (574) 5108666
Maria A. Villa/ Juan D. Diaz: IR Manager (574) 5108866
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* Please note that the information contained herein sets forth and is based on
the unconsolidated, unaudited financial results of the Bank for the periods
specified and as calculated herein in accordance with Colombian GAAP. Such
information can therefore not be compared to and should not be used in any way
to interpret any information contained in Bancolombia's annual report on Form
20-F for the year ended December 31, 2001 or in Bancolombia's quarterly press
releases, each of which contain the consolidated financial results of the Bank
and its subsidiaries for each of the periods specified and as calculated each
therein.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This release contains statements that may be considered forward-looking
statements within the meaning of Section 27A of the U.S. Securities Act of
1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All
forward-looking statements, whether made in this release or in future filings
or press releases or orally, address matters that involve risks and
uncertainties; consequently, there are or will be factors that could cause
actual results to differ materially from those indicated in such statements.